XDC Network partners with SBI subsidiary, gains foothold in Japan
The XDC Network, previously known as XinFin, has expanded its reach in the Japanese market by partnering with SBI VC Trade, a cryptocurrency exchange subsidiary of SBI, a financial holding company based in Tokyo. On May 31, the XDC Network announced that it would be added to SBI’s crypto exchange subsidiary. Fumiki Ozaki, the CEO of the exchange, confirmed the news, stating that XDC Network would bring a unique value proposition to the trade finance market, enhancing customers’ trading experience. In March 2023, the XDC token became one of the top 5 altcoin gainers, rising 54% in 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and atomic cross-chain token transfers. It also complies with the ISO-20022 message standard, an internationally accepted standard for electronic data interchange between financial institutions.
Recently, the XDC Network decided to decentralize the governance of the blockchain by forming a decentralized autonomous organization. After deployment in May, the community will decide on the distribution of ecosystem funds to promote development. SBI is also increasing its presence in important crypto markets. In September 2022, it received a license to operate in Singapore. Earlier, Clear Markets, one of its investees, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement. Atul Khekade, co-founder of XDC Network, expressed excitement about partnering with SBI VC Trade and bringing the XDC ecosystem to the Japanese market, which he described as a crucial hub for international trade.
The article also mentions a related story about Japan launching a digital yen pilot project after a second successful proof-of-concept and a magazine article about home loans using crypto as collateral and whether the risks outweigh the rewards.